Financial planning for professional athletes is extremely important because a great number of them normally have a rather short career life. Having accumulated their wealth early, they are left with the rest of their lives to somehow manage their finances. USA Today previously reported that the average length of careers for the top professionals in the United States is 3.5 years in the NFL, 5.5 years in the NHL, 4.8 years in the NBA, and 5.6 years in the MLB.
Allowing an experienced financial planner to be present at the stages where the money is “rolling in” is a key to hopefully making the right type of investments in order to cushion future expenses and result in financial goals. Experienced advisors can partner with the athlete to guide in the leverage of the discipline and focus the athlete has used in sports and transfer those abilities to helping to make active and knowledgeable decisions on managing finances. It is similar to having an experienced captain at the helm of the financal ship.
If the wealth is great enough, the financial planner and a team of financial professionals can also assist in advice and a well-executed plan for the continuous oversight of management solutions, suggest tax efficient strategies, determine the proper structure of taxable and tax-deferred assets, advise on the necessary documents that will create trusts and estate plans, and make sure that assets will enable the client to live life the desired way and then go to the chosen heirs and the philanthropic pursuits that the athlete prefers. All the assets are taken into consideration when working toward financial goals.
Fortis Lux Financial developed a financial firm that would support a person’s aspirations and dreams. They approach each individual situation with possibility, forward momentum, and optimism from the combining of collective experience in all areas of personal and business finance. Their goal is to use leading-edge technology that provides access to the best wealth management solutions, provides transparency to the elements of the individual plan, keeps the client informed, and aids in the decisions that will maximize the finances.
Fortis Lux believes that the right investment vehicles and multi-asset portfolios of bonds, stocks, and alternative investments have the greatest potential to protect assets and generate attractive returns while risk is minimized.